NuLegacy Gold Corporation reports that it has discovered a material new gold zone in a 'wildcat' step-out hole 375-meters (1,200 feet) west of the North zone of the Iceberg gold deposit.
Drill hole IN17-03 encountered 125 meters (405 feet) of strongly brecciated jasperoid hosted in the Devonian Horse Canyon formation (an important host for gold in Carlin-type deposits) starting at a depth of 435 feet and extending to 840 feet. Within this formation an interval of:
- 85.4 meters (280 feet) returned assays of 0.64 grams/tonne of gold,
- including 50.5 meters (165 feet) of 1.00 grams/tonne gold, and,
- including 13.7 meters (45 feet) of 2.27 grams/tonne gold.
"This new discovery is hosted in a long interval of the very favorable Horse Canyon formation located in a northwest striking cross-faulted structure (Location link), both of which are classic characteristics of the major gold deposits of the Cortez-trend, such as the neighboring Goldrush, Cortez Hills, and Pipeline deposits," said Derick Unger, Chief Geologist for NuLegacy Gold.
The target drilled in IN17-03 is at the structural intersection of the east-west striking Long fault and the recently located northwest striking "West Iceberg" fault located 500 meters west of and parallel to the Iceberg fault. The West Iceberg fault (not the be confused with the recently discovered Western Slope fault/anomaly some 500 meters further west – reported July 18, 2017) was identified in gravimetric and magnetic geophysics surveys and confirmed by recent CSAMT geophysics surveys. NuLegacy will promptly locate and drill several follow-up holes to better assess the magnitude of this discovery.
As stated in our NR of Feb 28, 2017 NuLegacy's objectives for the spring/summer exploration program has been drilling 'wildcat' holes into several remote possibly high impact targets, as well as conducting extensive geophysical and geochemical surveys throughout the 98-sq. km (38-sq. mile) Red Hill property to find additional gold deposits (beyond the Iceberg); this new discovery is one of the results of that ongoing effort.
Wildcat drilling of geophysical and/or geochemically generated targets throughout our 98-square km. property continues; additional significant results will be released as they are received. Drilling to further define and expand the gold content of the Iceberg gold deposit will resume in the fall.